Stocks rallied on Wednesday, helping the Dow Jones Industrial Average come within striking distance of 20,000. Once again, Financials, Industrials and transportation stocks led the way higher and have largely been the primary beneficiaries of the post election rally. FedEx (FDX) and Nike (NKE) are both schedule to report earnings after the bell. Gary’s Thoughts:…
Market Update: Stock futures are flat before Wednesday’s open as the Dow closed just below 20k yesterday. Gary’s Thoughts: Up a smidge…very close. 20,000…yippee. Economic Calendar: Bank Reserve Settlement MBA Mortgage Applications 7:00 AM ET Existing Home Sales 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET Highlights: VW Reaches Deal for Emissions-Cheating Audi,…
Lennar (LEN) — The homebuilder reported quarterly profit of $1.34 per share, 5 cents a share above estimates. Revenue also beat forecasts. Lennar sold more homes at higher prices compared to a year earlier. Mosaic (MOS) — The fertilizer producer struck a deal to buy the fertilizer business of Brazilian mining firm Vale for about…
The move to 20,000 ran into a road block. This is normal as big numbers are tough to get through the first time visited. Just feels a little tired. We say that because the financials feel a little tired. After all, they have been acting like high beta growth stocks since the election. We say…
Stocks rallied on Thursday as buyers showed up one day after the Fed raised rates for the second time in a decade. The US dollar surged to a 14-year high as investors believe the Fed will raise rates more aggressively in 2017. In economic news, CPI (Consumer Price Index) increased by +0.2% last month which matched…
Market Update: Stock futures are slightly higher before Friday’s open on the last day of the week. Today is also quadruple witching day which means volume will be higher than normal because a series of options expire today. Gary’s Thoughts: Futures up a wee bit. No real issues with market unless you own the anti-strong…
Stocks fell on Wednesday after the Fed raised rates for the second time in a decade. The Fed raised rates by a quarter point and raised their target to 0.5-0.75%. This was the first rate hike in a year and the second in a decade. The Fed said it wants to raise rates 3 times in…
Market Update: Stock futures are flat to higher before Thursday’s open as investors digest the second Fed rate hike in a decade. Gary’s Thoughts: Rates continue to spike. Dollar continues to rise. Commodities starting to fall because of this. Financials barely budged yesterday as they continue to get the tailwind of expanding short vs long…
Stocks ended mixed on Monday as investors digested the recent rally and the news that broke over the weekend about OPEC and Non OPEC members reaching a deal to cut production. Oil producers around the globe reached a deal to cut production by 1.2 million barrels and this was their first major agreement to cut…
Market Update: Stock futures were higher before Tuesday’s open as the Fed begins its two-day meeting. Gary’s Thoughts: We are writing this with Dow up 100 . Also, the comatose big cap tech/internet waking up here. Most trade under 50 day but feel like downside may be over. Economic Calendar: FOMC Meeting Begins NFIB Small…
